研報掘金丨海通證券:海康威視海外與創新業務表現亮眼,維持“優於大市”評級
海通證券研報指出,海康威視(002415.SZ)股權激勵與匯兑損益短期影響利潤,海外與創新業務表現亮眼。境外主業方面,2024H1實現營收114.41億元,同比增長15.46%,海外主業收入佔公司業務比重約28%(海外主業不含創新業務的海外收入,如果加入創新業務的海外收入,海外收入佔比34.41%)。創新業務2024H1實現營收103.28億元,同比增長26.13%,佔公司業務比重達25%。主要創新業務已在各自垂直行業佔據市場主動,創新業務與公司主業形成有效的技術協同和業務協同,成為拉動公司業務增長的支撐,後續在場景數字化業務開拓上將形成合力。該行認為,公司目前創新業務和海外業務已經成為公司增長的重要動力,且兩項業務發展整體較為穩健,伴隨公司場景數字化業務的持續發展,公司EBG 未來增長同樣值得期待。參考可比公司,給予2024年動態PE 24-28倍,6個月合理價值區間為40.58-47.34元,維持“優於大市”評級。
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